Cost of Living Comparison Between Chicago, IL and Panama City, FL Cost of Living Comparison Between Chicago, IL and Panama City, FL

Monthly Cost of Living

A single person spends $3,184 per month in Chicago, IL vs $2,593 in Panama City, FL, rent included.

A couple spends around $4,725 per month in Chicago, IL vs $3,574 in Panama City, FL, rent included.

A family of three spends $6,266 per month in Chicago, IL vs $4,555 in Panama City, FL, rent included.

Chicago, IL costs about 23% more than Panama City, FL, driven mainly by Groceries & Markets.

Both Chicago, IL and Panama City, FL sit above the global median – Chicago, IL by 131%, Panama City, FL by 88%.

Meal at Budget Restaurant

$20.26 $20.26

$17.66 $17.66

14.72%

Three-Course Dinner for Two, Mid-Range

$88.8 $88.8

$80.6 $80.6

10.11%

Fast Food Meal (McDonalds, etc)

$13.16 $13.16

$11.96 $11.96

10.03%

Cappuccino

$5.77 $5.77

$4.96 $4.96

16.33%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$2.63 $2.63

$2.64 $2.64

-0.38%

Water (0.33 liter bottle)

$2.34 $2.34

$2.02 $2.02

15.84%

Local Beer (0.5 liter draught)

$7.06 $7.06

$4.93 $4.93

43.20%

Imported Beer (0.33 liter bottle)

$9.18 $9.18

$6.90 $6.90

33.04%

Milk (1 liter)

$1.30 $1.30

$0.93 $0.93

39.78%

White Bread (500g)

$4.05 $4.05

$3.63 $3.63

11.57%

Rice (white) (1kg)

$5.69 $5.69

$1.93 $1.93

194.82%

Eggs

$4.85 $4.85

$2.90 $2.90

67.24%

Local Cheese (1kg)

$15.08 $15.08

$11.55 $11.55

30.56%

Chicken Fillets (1kg)

$14.87 $14.87

$9.99 $9.99

48.85%

Beef Round Steak (1kg)

$19.28 $19.28

$13.86 $13.86

39.11%

Apples (1kg)

$5.68 $5.68

$4.17 $4.17

36.21%

Banana (1kg)

$1.93 $1.93

$1.56 $1.56

23.72%

Oranges (1kg)

$4.10 $4.10

$4.32 $4.32

-5.09%

Tomato (1kg)

$5.11 $5.11

$4.47 $4.47

14.32%

Potato (1kg)

$2.92 $2.92

$3.80 $3.80

-23.16%

Onion (1kg)

$2.77 $2.77

$3.55 $3.55

-21.97%

Lettuce (1 head)

$2.30 $2.30

$1.70 $1.70

35.29%

Water (1.5 liter bottle)

$3.04 $3.04

$2.25 $2.25

35.11%

Cigarettes 20 Pack (Marlboro, Camel)

$15.93 $15.93

$9.14 $9.14

74.29%

Wine (Bottle)

$15.06 $15.06

$11.98 $11.98

25.71%

Local Beer (0.5 liter bottle)

$2.53 $2.53

$1.69 $1.69

49.70%

Imported Beer (0.33 liter bottle)

$3.48 $3.48

$1.95 $1.95

78.46%

One-way Ticket (Public Transport)

$2.53 $2.53

$1.53 $1.53

65.36%

Public Transport Monthly Pass (Regular Price)

$74.8 $74.8

Taxi Start (Normal Tariff)

$3.28 $3.28

$2.53 $2.53

29.64%

Taxi (Normal Tariff) (1km)

$1.36 $1.36

$1.59 $1.59

-14.47%

Taxi 1hour Waiting (Normal Tariff)

$22.55 $22.55

$51.0 $51.0

-55.78%

Gasoline (1 liter)

$1.22 $1.22

$0.87 $0.87

40.23%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$36.1K $36.1K

$37.4K $37.4K

-3.40%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$26.0K $26.0K

$25.4K $25.4K

2.36%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$188 $188

$174 $174

8.52%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$69.0 $69.0

$43.46 $43.46

58.77%

Internet (50+ Mbps, Unlimited Data)

$63.6 $63.6

$59.0 $59.0

7.68%

Gym Membership (Monthly)

$63.4 $63.4

$39.44 $39.44

60.85%

Tennis Court (1 Hour on Weekend)

$27.11 $27.11

Cinema Ticket

$17.90 $17.90

$14.64 $14.64

22.27%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$1,526 $1,526

$972 $972

57.02%

International Primary School, 1 Child (Yearly)

$31.9K $31.9K

$13.9K $13.9K

129.08%

Jeans (Levis 501 Or Similar)

$62.1 $62.1

$60.2 $60.2

3.14%

Summer Dress (H&M, Zara, etc)

$56.4 $56.4

$35.26 $35.26

59.90%

Sport Shoes (Adidas, Nike)

$101 $101

$99.2 $99.2

1.74%

Men's Leather Business Shoes

$156 $156

$107 $107

45.84%

1-bedroom Apartment, City Center (Monthly)

$2,342 $2,342

$1,673 $1,673

40.03%

1-bedroom Apartment, Outside City Center (Monthly)

$1,698 $1,698

$1,498 $1,498

13.34%

3-bedroom Apartment, City Center (Monthly)

$4,576 $4,576

$2,746 $2,746

66.60%

3-bedroom Apartment, Outside City Center (Monthly)

$2,806 $2,806

$1,878 $1,878

49.39%

Buy Apartment in City Center (m2)

$4,130 $4,130

$3,709 $3,709

11.37%

Buy Apartment Outside City Center (m2)

$2,740 $2,740

$3,688 $3,688

-25.72%

Average Monthly Net Salary (After Tax)

$4,891 $4,891

$3,992 $3,992

22.51%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.38

6.1

4.59%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Chicago, IL: September 6, 2026

Last update for Panama City, FL: September 7, 2026

Cost Breakdown

A central one-bedroom costs $2,342 in Chicago, IL versus $1,673 in Panama City, FL. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 23% higher in Chicago, IL, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $89.0 in Chicago, IL versus $81.0 in Panama City, FL. Monthly groceries follow the same trend: $465 vs $349 – making Panama City, FL the more affordable choice for daily food spending.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Chicago, IL vs Panama City, FL: Cost of Living - Frequently Asked Questions

Monthly costs with rent: $3,184 in Chicago, IL, $2,593 in Panama City, FL – roughly 23% apart. Chicago, IL costs more across the board, with Groceries & Markets showing the biggest gap.

For a comfortable life, plan on about $4,776 per month in Chicago, IL and $3,889 in Panama City, FL. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Panama City, FL, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

A mid-range dinner for two costs $89.0 in Chicago, IL and $81.0 in Panama City, FL. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

Groceries cost about 33% more in Chicago, IL, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

$2,000 is a stretch for both – monthly costs hit $3,184 in Chicago, IL and $2,593 in Panama City, FL. You'll need shared housing and careful budgeting no matter which city you pick.

It depends on your priorities. Chicago, IL has an edge in some lifestyle areas, with costs from $2,593 in Panama City, FL to $3,184 in Chicago, IL. Climate, culture, job market, and personal taste all factor in.

If budget matters most, go with Panama City, FL. If higher salaries, better infrastructure, or specific career opportunities are the priority, Chicago, IL makes more sense. Both are solid long-term options with distinct trade-offs.